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Basseterre, St. Kitts – The St. Kitts and Nevis Development Bank is facing a tidal wave of public backlash after quietly introducing a $13.50 USD monthly payment processing fee on loans — a move borrowers are calling a blatant “pay to pay” scheme. The fee, which applies to online loan payments made using U.S. dollars, was announced to customers via email and only came to light following a bombshell exposé by St. Kitts Nevis Times, later echoed by Times Caribbean Online.

The headline that sparked national outrage? “St. Kitts and Nevis Development Bank SLAPS $13.50 Monthly Fee on Struggling Borrowers – Citizens Cry Foul Over ‘Pay to Pay’ Scheme.”

Thousands took to social media to vent their frustration, accusing the bank of insensitivity and financial exploitation at a time when many are struggling to meet their obligations in a difficult economy.

In a desperate bid to contain the fallout, the Development Bank released a statement via Facebook titled “Important Notice Re: Loan Payment Processing Fee For Using USD Online Payment Portal.” The statement explained that the new fee applies only to online payments made via the USD portal and is linked to third-party processing costs.

“This fee applies only to online payments made in USD using the designated online portal. Local EC-dollar payments and payments made in person at our offices are not affected,” the bank said in its post.

But the clarification did little to quell the growing unrest. Many borrowers, blindsided by the fee after receiving the information in a brief email, said the bank should have consulted or properly warned clients before implementing such a financial burden.

Calls for the fee to be reversed or reduced are mounting, with some even calling on government regulators to step in and investigate.

Meanwhile, the Development Bank insists it remains committed to “making a sustained positive difference” in the lives of its clients, and invited concerned individuals to reach out via phone or email for more information.

Still, as public anger simmers, the question on everyone’s lips is: Did the Development Bank just turn its back on the very people it’s meant to support?

Stay tuned as this story continues to develop.

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Contact Info:
Development Bank of St. Kitts & Nevis
Tel: 1 (869) 465-2288 / 1 (869) 469-5416
Email: info@skndb.com